Apple says banks are whingeing about the cost of Apple Pay

James EyersSenior Reporter

Aug 29, 2023 – 3.29pm

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Key Points

Why it matters: Banks pay Apple more than $110 million annually for Apple Pay.
Apple claims this is good value given the reduced fraud rates.
Treasury is considering whether the Reserve Bank captures Apple in its payments regulation.

Apple says the fees it charges Australian banks for using Apple Pay are not a money making exercise, and should be regarded as good value given the tech giant’s digital wallet reduces fraud rates and improves payment experiences for people who transact on iPhones.

At a parliamentary hearing, Daniel Mulino, who is chairing the House economics committee, raised regulatory concerns about a lack of transparency around the fees – worth more than $110 million a year – and potential changes to them.